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Fri 14 Jan 2005, 18:21 AFGEM - CHANGE OF YEAR-END, PROPOSED DATE OF RESUL
AFGEM - CHANGE OF YEAR-END, PROPOSED DATE OF RESULTS ANNOUNCEMENT AND FURTHER   
CAUTIONARY ANNOUNCEMENT                                                         
African Gem Resources Limited                                                   
(Incorporated in the Republic of South Africa)                                  
(Registration number 1998/007292/06)                                            
JSE share code: AFG   ISIN: ZAE000025540                                        
(`Afgem` or `the company`)                                                      
Change of year-end, proposed date of results announcement and further cautionary
announcement                                                                    
Shareholders of Afgem are hereby notified that the financial year-end of the    
company has been changed to 31 March. Consequently, Afgem will publish a second 
set of interim results for the six months ended 31 December 2004 on or about 15 
February 2005. Results for the fifteen-month period ending 31 March 2005 will be
published in June 2005.                                                         
Furthermore, shareholders are referred to the cautionary announcement dated 22  
November 2004 in respect of the proposed acquisition of certain diamond mining  
companies. A circular to shareholders is in the process of being finalised and a
futher announcement will be made in due course. Accordingly, shareholders are   
advised to continue exercising caution when dealing in Afgem shares until such  
further announcement is made.                                                   
Melrose Arch                                                                    
14 January 2005                                                                 
Corporate advisor and transactional sponsor                                     
ABSA                                                                            
Corporate and Merchant Bank                                                     
Corporate Finance                                                               
ABSA Bank Limited                                                               
Reg no 1986/004794/06                                                           
Sponsor                                                                         
JAVACAPITAL
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